December 30, 2009

HCM City in the top ten expensive Asian cities

According to Forbes, HCM City people have to pay $1800 to hire an apartment with two luxurious bedrooms for a month. Meanwhile, the per capita income of the local residents is $2800/year.

The real estate market in HCM City, the biggest city and an economic centre in Vietnam, is quite stable in the economic crisis. In the third quarter of 2009, over ten new housing projects were kicked off. The demand for housing is still growing, despite economic slowdown.

In the global financial crisis, the estate prices continue escalating in Asia. The pay for hiring houses and offices in the biggest cities in this continent doesn’t reduce or highly rises compared toper capita income . It is even more expensive to buy house than the pre-crisis period. This October, an apartment in Hong Kong was sold for $56 milion.

Japan’s Tokyo is still the most expensive city. The average price for hiring a luxurious apartment with two bedrooms is $4737. The four cities in the top five are Hong Kong, Beijing, Mumbai and Shanghai.

To make this list, Forbes used data of the Mercer, which has researched of the growth in Asia compared to the rest of the world in the last two decades.